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09/22/2020 09:20 PM
Pennsylvania House of Representatives
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=H&SPick=20190&cosponId=31559
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House of Representatives
Session of 2019 - 2020 Regular Session

MEMORANDUM

Posted: April 7, 2020 10:36 AM
From: Representative Joe Ciresi
To: All House members
Subject: COVID-19 Working Capital Access Loan Program Recapitalization
 
The COVID-19 pandemic has hit all Pennsylvanians, with devastating impacts. It has not spared any citizen or family, and it has been especially hard on Pennsylvania’s small businesses.

Many businesses have been asked to close their doors to help mitigate the spread of the virus. Their leadership and sacrifice in this fight to stop the spread of COVID-19 has been vital. Businesses are doing their part, but we need to do more to help them to survive the devastating impact this is having on their family’s income and make sure they can reopen when this is over.

The COVID-19 Working Capital Access loan program is one of the resources that could help ensure that a business will be able to reopen its doors after this pandemic.

The loan program, which provides 0% interest rate loans of up to $100,000 in working capital to for-profit small businesses, was funded with $61 million. An overwhelming number of applications were received in only a few days of the program being open, surpassing the allotted funding available.

We are proposing a bill that will re-open the program and expand its reach. The proposal will:
  • Transfer $100 million from Pennsylvania’s Rainy Day Fund, and
  • Allow Pennsylvania non-profits and life science industries to apply for financial assistance
Please join us in co-sponsoring legislation to aid our struggling Pennsylvania small businesses and non-profits during these challenging times.
 



Introduced as HB2512